GemVax Achieves Record High Sales of 65.7 Billion KRW Last Year... Successfully Turns Profit

[Asia Economy Reporter Yoo Hyun-seok] GemVax & Kael (hereinafter GemVax) announced on the 17th that it achieved its highest-ever sales last year and successfully turned both operating profit and net profit positive.

GemVax's sales last year amounted to 65.7 billion KRW, an increase of about 54% compared to the same period the previous year. Operating profit reached 1.4 billion KRW, and net profit was 2.3 billion KRW, marking a turnaround to profitability. Based on separate financial statements, operating profit was 4.3 billion KRW and net profit was 1.7 billion KRW.

Last year, the increase in demand for non-face-to-face economy due to the COVID-19 pandemic led to GemVax's strong performance. As semiconductor industry-related facility investments increased, the demand for semiconductor filters produced by GemVax also rose.

A GemVax official stated, “In preparation for the surge in filter demand, we promptly responded to market trends by expanding facilities and making capital investments from the first half of last year,” adding, “With the semiconductor supercycle expected this year, we anticipate the positive performance trend to continue.”

GemVax is developing treatments for Alzheimer's disease and benign prostatic hyperplasia using peptide-based new drug substances, in addition to its semiconductor filter business. The benign prostatic hyperplasia treatment is currently undergoing Phase 3 clinical trials in Korea, and the Alzheimer's disease treatment submitted an IND (Investigational New Drug application) to the Korean Ministry of Food and Drug Safety in January for Phase 3 clinical trials in Korea and is preparing for subsequent procedures.

This content was produced with the assistance of AI translation services.